The Frontier Economic Fund

Investment Objectives

The Frontier Economic Fund seeks to track the performance of The Alaska Last Frontier Index, a rules-based strategy index designed by Vident to capture the economic footprint of companies with meaningful exposure to the State of Alaska. The Index identifies and emphasizes firms doing business in Alaska including natural resource utilization, economic development, operational presence, and participation in state-sponsored initiatives. By tracking this Index, the Fund aims to provide investors with targeted exposure to companies that contribute to and benefit from Alaska’s unique economic landscape, emphasizing those with the greatest alignment to the state’s growth and opportunity.

Fund Details

01/06/2026

Fund Details

AKAF

CUSIP

268961703

Net Assets

$2,738,363.07

Total Fund Annual Operating Expenses

0.20%

Inception Date

6/25/2025

Shares Outstanding

90,000.00

Distribution Frequency

Quarterly

30-Day SEC Yield (as of 12/31/2025)

1.37%

12 Month Distribution Yield

-

Market Price

$30.43

NAV

$30.43

Premium/Discount

0.01%

30-Day Median Bid-Ask Spread

0.24%

Factors

TRUE TO ALASKA

A rules-based gateway to companies driving the economic engine of the 49th State.

ACCESS

A powerful tool for retail & institutional investors seeking Alaska exposure.

GROWTH POTENTIAL

Targets companies participating in long-term value creation in the state.

ALIGNMENT 

Supports Alaska’s economic vision and the companies helping to fulfill it.

Performance

index	Month End Performance (As of 12/31/2025)	AKAF Nav Returns	AKAF Market Price Returns
0	Cumulative
1	1 Month	1.68%	1.71%
2	3 Month	4.60%	4.65%
3	Year To Date	0.00%	0.00%
4	Since Inception*	18.49%	18.56%
5	Average Annual
6	1 Year	0.00%	0.00%
7	3 Year	0.00%	0.00%
8	5 Year	0.00%	0.00%
9	10 Year	0.00%	0.00%
10	Since Inception*	0.00%	0.00%

index	Quarter End Performance (As of 12/31/2025)	AKAF Nav Returns	AKAF Market Price Returns
0	Cumulative
1	Quarter	4.60%	4.65%
2	Year To Date	0.00%	0.00%
3	Since Inception*	18.49%	18.56%
4	Average Annual
5	1 Year	0.00%	0.00%
6	3 Year	0.00%	0.00%
7	5 Year	0.00%	0.00%
8	10 Year	0.00%	0.00%
9	Since Inception*	0.00%	0.00%

*Fund Inception Date: 6/25/2025

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Short term performance is not a good indication of the fund’s future performance, and an investment should not be made based solely on returns.

ETF Holdings

As of DATE

index	Name	Ticker	CUSIP or Other Identifier	Weight	Shares
0	FedEx Corp	FDX	31428X106	2.52%	224
1	Barrick Mining Corp	ABX CN	BNM23Q1	2.30%	1,316
2	GE AEROSPACE	GE	369604301	2.28%	191
3	United Parcel Service Inc	UPS	911312106	2.27%	592
4	Exxon Mobil Corp	XOM	30231G102	2.04%	462
5	Teck Resources Ltd	TECK	878742204	1.97%	1,053
6	Kinross Gold Corp	K CN	B03Z841	1.91%	1,720
7	ConocoPhillips	COP	20825C104	1.89%	532
8	DoorDash Inc	DASH	25809K105	1.78%	212
9	Hecla Mining Co	HL	422704106	1.76%	2,159
10	Halliburton Co	HAL	406216101	1.75%	1,555
11	Northern Star Resources Ltd	NST AU	6717456	1.74%	2,823
12	Uber Technologies Inc	UBER	90353T100	1.71%	546
13	Agnico Eagle Mines Ltd	AEM CN	2009823	1.65%	250
14	Royal Caribbean Cruises Ltd	RCL	V7780T103	1.58%	145
15	Northern Dynasty Minerals Ltd	NAK	66510M204	1.57%	19,514
16	Repsol SA	REP SM	5669354	1.54%	2,163
17	SLB Ltd	SLB	806857108	1.54%	964
18	Delta Air Lines Inc	DAL	247361702	1.49%	566
19	DSV A/S	DSV DC	B1WT5G2	1.48%	155
20	XPO Inc	XPO	983793100	1.45%	263
21	United Airlines Holdings Inc	UAL	910047109	1.43%	333
22	Baker Hughes Co	BKR	05722G100	1.40%	774
23	Carnival Corp	CCL	143658300	1.26%	1,072
24	Nippon Yusen KK	9101 JP	6643960	1.21%	1,000
25	Nabors Industries Ltd	NBR	G6359F137	1.06%	479
26	Core Laboratories Inc	CLB	21867A105	1.03%	1,556
27	COEUR MINING INC.	CDE	192108504	1.00%	1,390
28	Santos Ltd	STO AU	6776703	0.99%	6,630
29	Alphabet Inc	GOOGL	02079K305	0.98%	85
30	Novagold Resources Inc	NG	66987E206	0.96%	2,630
31	South32 Ltd	S32 AU	BWSW5D9	0.85%	9,182
32	International Business Machines Corp	IBM	459200101	0.80%	72
33	HCA Healthcare Inc	HCA	40412C101	0.78%	44
34	Matson Inc	MATX	57686G105	0.78%	165
35	McKesson Corp	MCK	58155Q103	0.78%	26
36	American Airlines Group Inc	AAL	02376R102	0.76%	1,321
37	Marriott International Inc/MD	MAR	571903202	0.76%	65
38	Walmart Inc	WMT	931142103	0.76%	181
39	Lockheed Martin Corp	LMT	539830109	0.74%	39
40	Wells Fargo & Co	WFC	949746101	0.74%	211
41	Apple Inc	AAPL	037833100	0.73%	76
42	TFI INTERNATIONAL INC	TFII CN	BDRXBF4	0.73%	185
43	Expro Group Holdings NV	XPRO	N3144W105	0.72%	1,397
44	CVS Health Corp	CVS	126650100	0.71%	241
45	General Dynamics Corp	GD	369550108	0.71%	54
46	Cisco Systems Inc	CSCO	17275R102	0.70%	254
47	Emerson Electric Co	EMR	291011104	0.69%	130
48	Hilton Worldwide Holdings Inc	HLT	43300A203	0.69%	64
49	Airbnb Inc	ABNB	009066101	0.68%	134
50	Amazon.com Inc	AMZN	023135106	0.67%	76
51	APA Corp	APA	03743Q108	0.67%	768
52	Northrop Grumman Corp	NOC	666807102	0.67%	30
53	Air Canada	AC CN	BSDHYK1	0.65%	1,223
54	Starbucks Corp	SBUX	855244109	0.65%	198
55	ANA Holdings Inc	9202 JP	6014908	0.64%	900
56	McDonald's Corp	MCD	580135101	0.63%	57
57	Boeing Co/The	BA	097023105	0.62%	74
58	Costco Wholesale Corp	COST	22160K105	0.62%	19
59	Walt Disney Co/The	DIS	254687106	0.62%	147
60	Coca-Cola Co/The	KO	191216100	0.62%	252
61	Microsoft Corp	MSFT	594918104	0.61%	35
62	Norwegian Cruise Line Holdings Ltd	NCLH	G66721104	0.61%	697
63	Lowe's Cos Inc	LOW	548661107	0.60%	67
64	PepsiCo Inc	PEP	713448108	0.60%	118
65	Sherwin-Williams Co/The	SHW	824348106	0.60%	48
66	General Motors Co	GM	37045V100	0.59%	197
67	Honeywell International Inc	HON	438516106	0.59%	79
68	Knife River Corp	KNF	498894104	0.58%	210
69	Republic Services Inc	RSG	760759100	0.58%	75
70	Trane Technologies PLC	TT	G8994E103	0.58%	42
71	Verizon Communications Inc	VZ	92343V104	0.58%	392
72	Kawasaki Kisen Kaisha Ltd	9107 JP	6484686	0.57%	1,100
73	Marsh & McLennan Cos Inc	MMC	571748102	0.57%	84
74	Home Depot Inc/The	HD	437076102	0.55%	43
75	O'Reilly Automotive Inc	ORLY	67103H107	0.55%	167
76	Motorola Solutions Inc	MSI	620076307	0.53%	38
77	SkyWest Inc	SKYW	830879102	0.53%	142
78	Alaska Air Group Inc	ALK	011659109	0.52%	281
79	Oracle Corp	ORCL	68389X105	0.52%	74
80	ULTA BEAUTY INC	ULTA	90384S303	0.52%	22
81	Globalstar Inc	GSAT	378973507	0.50%	205
82	Ford Motor Co	F	345370860	0.49%	971
83	L3Harris Technologies Inc	LHX	502431109	0.49%	43
84	KeyCorp	KEY	493267108	0.47%	596
85	WW Grainger Inc	GWW	384802104	0.45%	12
86	Leidos Holdings Inc	LDOS	525327102	0.45%	63
87	Lululemon Athletica Inc	LULU	550021109	0.45%	57
88	Target Corp	TGT	87612E106	0.45%	118
89	Yum! Brands Inc	YUM	988498101	0.45%	81
90	Darden Restaurants Inc	DRI	237194105	0.42%	57
91	United Rentals Inc	URI	911363109	0.42%	13
92	Ameriprise Financial Inc	AMP	03076C106	0.41%	22
93	Best Buy Co Inc	BBY	086516101	0.41%	154
94	Ferguson Enterprises Inc	FERG	31488V107	0.41%	50
95	Waste Connections Inc	WCN CN	BYQFRK5	0.41%	64
96	Labcorp Holdings Inc	LH	504922105	0.40%	42
97	Domino's Pizza Inc	DPZ	25754A201	0.39%	26
98	GameStop Corp	GME	36467W109	0.39%	514
99	Jacobs Solutions Inc	J	46982L108	0.39%	78
100	U-Haul Holding Co	UHAL	023586100	0.39%	202
101	WSP Global Inc	WSP CN	BHR3R21	0.39%	57
102	Kroger Co/The	KR	501044101	0.38%	170
103	Constellation Brands Inc	STZ	21036P108	0.38%	72
104	Sysco Corp	SYY	871829107	0.38%	144
105	Albertsons Cos Inc	ACI	013091103	0.37%	592
106	Trilogy Metals Inc	TMQ	89621C105	0.37%	1,984
107	AutoZone Inc	AZO	053332102	0.36%	3
108	Booz Allen Hamilton Holding Corp	BAH	099502106	0.35%	105
109	Fastenal Co	FAST	311900104	0.35%	231
110	Builders FirstSource Inc	BLDR	12008R107	0.34%	83
111	AECOM	ACM	00766T100	0.33%	92
112	Bombardier Inc	BBD/B CN	BN33PL2	0.32%	50
113	Denny's Corp	DENN	24869P104	0.29%	1,290
114	GCI Liberty Inc	GLIBK	36164V800	0.29%	212
115	Viasat Inc	VSAT	92552V100	0.28%	178
116	MDU Resources Group Inc	MDU	552690109	0.26%	352
117	Universal Health Services Inc	UHS	913903100	0.26%	32
118	Major Drilling Group International Inc	MDI CN	2557515	0.24%	626
119	Northrim BanCorp Inc	NRIM	666762109	0.24%	244
120	Yamaha Motor Co Ltd	7272 JP	6985264	0.22%	800
121	Buckle Inc/The	BKE	118440106	0.21%	102
122	Canada Goose Holdings Inc	GOOS CN	BF0B2F6	0.21%	411
123	Lithia Motors Inc	LAD	536797103	0.21%	18
124	North West Co Inc/The	NWC CN	BZ3FZR8	0.21%	159
125	Hertz Global Holdings Inc	HTZ	42806J700	0.20%	988
126	Tetra Tech Inc	TTEK	88162G103	0.20%	157
127	Choice Hotels International Inc	CHH	169905106	0.19%	49
128	Pursuit Attractions and Hospitality Inc	PRSU	92552R406	0.19%	156
129	Stantec Inc	STN CN	2854238	0.19%	53
130	H&R Block Inc	HRB	093671105	0.18%	114
131	First American Government Obligations Fund 12/01/2031	FGXXX	31846V336	0.17%	4,711
132	Iridium Communications Inc	IRDM	46269C102	0.16%	231
133	Pantheon Resources PLC	PANR LN	B125SX8	0.16%	41,331
134	Harley-Davidson Inc	HOG	412822108	0.15%	199
135	GoldMining Inc	GLDG	38149E101	0.11%	2,301
136	Freegold Ventures Ltd	FVL CN	2981631	0.06%	1,499
137	Solstice Advanced Materials Inc	SOLS	83443Q103	0.04%	20
138	Cash & Other	Cash&Other	Cash&Other	0.03%	800
139	CANADIAN DOLLAR	CAD	CASHCAD	0.00%	-74

ETF holdings and allocations are subject to change and should not be considered a recommendation to buy or sell any security.

index		Calendar Year 2025	First Quarter 2026
0	Days traded at premium	104	2
1	Days traded at NAV	8	0
2	Days traded at discount	20	1

Sector Breakdown

As of DATE

index	Name	Weight
0	Industrials	31.89%
1	Consumer Discretionary	17.27%
2	Materials	17.17%
3	Energy	15%
4	Consumer Staples	5.16%
5	Information Technology	4.45%
6	Health Care	3.22%
7	Communication Services	3.11%
8	Financials	2.35%
9	Utilities	0.29%
10	Money Market Fund	0.09%

The Frontier Economic Fund

Investment Objectives

Fund Details

Fund Details

AKAF

CUSIP

268961703

Net Assets

$2,738,363.07

Total Fund Annual Operating Expenses

0.20%

Inception Date

6/25/2025

Shares Outstanding

90,000.00

Distribution Frequency

Quarterly

30-Day SEC Yield (as of 12/31/2025)

1.37%

12 Month Distribution Yield

-

Market Price

$30.43

NAV

$30.43

Premium/Discount

0.01%

30-Day Median Bid-Ask Spread

0.24%

Factors

Performance

ETF Holdings

Premium Discount Chart - {{ fundTicker }}

Sector Breakdown

Fund Literature

Fund Literature

The Frontier Economic Fund

Investment Objectives

Fund Details

Fund Details

AKAF

CUSIP

268961703

Net Assets

$2,738,363.07

Total Fund Annual Operating Expenses

0.20%

Inception Date

6/25/2025

Shares Outstanding

90,000.00

Distribution Frequency

Quarterly

30-Day SEC Yield (as of 12/31/2025)

1.37%

12 Month Distribution Yield

-

Market Price

$30.43

NAV

$30.43

Premium/Discount

0.01%

30-Day Median Bid-Ask Spread

0.24%

Factors

Performance

ETF Holdings

Sector Breakdown

Fund Literature

Fund Literature

Distribution History